Plaza Centers has revealed that it has signed a non-binding Letter of Intent with a global investment fund for the sale of the Torun Plaza and Suwałki Plaza shopping and entertainment centers in Poland. The properties comprise a total of circa 60,000 sqm of GLA, of which Torun Plaza represents approximately 40,000 sqm. The total agreed value of the portfolio is €121m, subject to adjustments on the basis of the in place net operating income and future NOI. Plaza Centers says it expects the deal to be completed by the end of October 2016. Plaza would continue to manage the properties until the end of December 2017 with a view to improving the tenant mix and rental income figures, but it also warns that there is no certainty that the deal will be completed.
